IO Biotech (NASDAQ:IOBT) Issues Quarterly Earnings Results, Misses Estimates By $0.07 EPS

IO Biotech (NASDAQ:IOBT) posted its earnings results on Tuesday. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.07), Zacks reports.

IO Biotech Trading Down 8.3 %

Shares of NASDAQ IOBT traded down $0.08 during trading hours on Thursday, hitting $0.89. 492,080 shares of the company traded hands, compared to its average volume of 229,638. IO Biotech has a 12 month low of $0.73 and a 12 month high of $2.10. The stock has a market capitalization of $58.63 million, a price-to-earnings ratio of -0.65 and a beta of 0.42. The company’s 50 day moving average price is $1.09 and its 200 day moving average price is $1.26.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on IOBT shares. Piper Sandler reiterated an “overweight” rating and set a $10.00 price target on shares of IO Biotech in a research note on Tuesday, September 3rd. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of IO Biotech in a research report on Tuesday. Finally, Morgan Stanley increased their price target on IO Biotech from $4.00 to $6.00 and gave the company an “overweight” rating in a research note on Monday, September 16th.

IO Biotech Company Profile

IO Biotech, Inc, a clinical-stage biopharmaceutical company, develops immune-modulating therapeutic cancer vaccines based on the T-win technology platform. The company's lead product candidate, IO102-IO103, which is designed to target immunosuppressive mechanisms mediated by Indoleamine 2,3-dehydrogenase (IDO), and programmed death-ligand (PD-L1) that is in phase 3 clinical trial to treat melanoma, as well as in phase 2 clinical trial to treat lung, head and neck, bladder, and melanoma cancer.